But just in case you haven’t seen the videos yet — or just NEED to parse every word like we do — here is the FULL transcript of what went down on the phone between Taylor and Kanye, as posted by Kim (below):

Kanye: “You still got the Nashville number?”

Taylor: “I still have the Nashville umm area code, but I had to change it.”

Kanye reads the Famous lyric: “To all my southside n****s that know me best, I feel like me and Taylor might still have sex.”

Taylor: “I’m like this close to overexposure.”

Kanye: “Oh, well this I think this a really cool thing to have.”

Taylor: “I know, I mean it’s like a compliment, kind of.”

Kanye: “All I give a f*ck about is you as a person and as a friend, I want things that make you feel good. ”

Taylor: “That’s sweet.”

Kanye: “I don’t want to do rap that makes people feel bad.”

Taylor: “Umm, yeah I mean go with whatever line you think is better. It’s obviously very tongue in cheek either way. And I really appreciate you telling me about it, that’s really nice.”

Kanye: “Oh yeah, I just had a responsibility to you as a friend you know, and I mean thanks for being so cool about it.”

Taylor: “Aw thanks. Um yeah I really appreciate it, like the heads up is so nice. [inaudible] Even asking or seeing if I would be okay with it and I just really appreciate it. Like I would never expect you to like tell me about a line in one of your songs.”

Kanye: “It’s pretty crazy.”

Taylor: “And then the flowers that you sent me, I like Instagrammed a picture of them and it’s like the most Instagram likes I’ve ever gotten. It was like 2.7”

Kanye: “Relationships are more important than punch lines, ya know?”

Taylor: “I don’t think anyone would listen to that and be like that’s a real diss she must be crying. You’ve gotta tell the story the way that it happened to you and the way that you experienced it. You honestly didn’t know who I was before that. It doesn’t matter that I sold 7 million of that album before you did that which is what happened, you didn’t know who I was before that. It’s fine├óΓé¼┬ª I can make these things happen. I have the ideas to do it and I create these things and concepts. I’m always going to respect you. I’m really glad that you have the respect to call me and tell me that as a friend about the song. It’s a really cool thing to do and a really good show of friendship so thank you.”

Kanye: “Thank you, too.”

Taylor: “And you know, if people ask me about it I think it would be great for me to be like, ├óΓé¼╦£Look, he called me and told me the line before it came out. Jokes on you guys, We’re fine.’ You guys want to call this a feud; you want to call this throwing shade but right after the song comes out I’m going to be on a Grammys red carpet and they’re going to ask me about it and I’ll be like, ├óΓé¼╦£He called me.’ It’s awesome that you’re so outspoken about this and be like, ├óΓé¼╦£Yeah, she does. It made her famous.’ Its more provocative to say ├óΓé¼╦£might still have sex├óΓé¼┬ª’ It’s doesn’t matter to me. There’s not like one [line] that hurts my feelings and one that doesn’t.”

So there you have it!

Everybody else has been weighing in — so what do U think about this controversy, Perezcious readers?!